Enel Americas S.a. · BCS:ENELAM
Enel Americas — Q4 2021 Earnings Presentation
44 slides from Enel Americas's earnings presentation, Feb 28, 2022
Slide 1: Fourth Quarter & Full Year Consolidated results
Fourth Quarter & Full Year Consolidated results February 28th, 2022 Américas
Slide 2: Fourth Quarter & Full Year 2021 Consolidated results
Fourth Quarter & Full Year 2021 Consolidated results Maurizio Bezzeccheri CEO Américas
Slide 3: Key highlights of the period
Key highlights of the period Operational performance Financial results ESG positioning Push on renewables +15% EBITDA in Q4 2021 ~300 MW RES started vs PY; FY 2021 above operations during Q4 in target Constant improvement in Brazil our ESG scores Operational recovery in Net income pressured by all b
Slide 4: Current scenario
Current scenario Recovery of electricity distributed & collection to pre-pandemic levels Macroeconomic variables1 Electricity distributed Collection3 Currencies vs USD2 Inflation ∆% Q4 ∆% FY ∆% Q4 ∆% FY ∆% FY ∆% FY 2020 2021 ‘21 vs ‘20 ‘21 vs ‘20 ‘21 vs ‘20 ‘21 vs ‘20 ‘21 vs ‘19 ‘21 vs ‘20 vs ‘19 Ar
Slide 5: Industrial Growth: Gross CAPEX
Industrial Growth: Gross CAPEX Significant investment in Renewables to deliver new capacity; 96% SDG-linked CAPEX CAPEX by country CAPEX by business1 Asset development2 CAPEX by business 2% 1% 3% 2% 5% 9% 9% 12% Q4 2021 24% US$ 1,163 mn 41% US$ 1,163 mn US$ 610 mn (+163% YoY) (+163% YoY) (+341% YoY)
Slide 6: Generation operational highlights
Generation operational highlights Strong growth in net production and energy sales Installed capacity (GW) Net production & energy sales (TWh) +31% capacity vs PY +4.7 GW from EGPA1 +20% 48.7 24% +0.3 GW added in Q4 +18% Net production Hydro1 12.1 40.5 8.1 Hydro1 44% Coal 10.2 Coal 15.9 GW 2.5 13.3
Slide 7: Networks operational highlights
Networks operational highlights Steady improvement in quality indicators and relevant organic growth of end users Electricity distributed (TWh) End users (mn) Quality indicators1 SAIDI (hours) SAIFI (times) +540k FY 2020 FY 2021 FY 2020 FY 2021 +4% Argentina 14.0 13.3 4.5 4.9 115.2 119.8 26.2 Brazil
Slide 8: Enel X and Retail operating highlights
Enel X and Retail operating highlights Strong growth in charging points and energy sold Enel X Retail2 FY 2020 FY 2021 Δ% Delivery points (#) Energy sold (TWh) Charging points (#) 1,766 3,319 +88% +32% +32% Street lighting (final light points, mn#) 836 849 +2% 4,602 20.3 3,480 15.4 PV (MWρ installed
Slide 9: ESG positioning
ESG positioning Yearly improvements in ESG scores MSCI S&P Dow Jones FTSE Russell Moody’s ESG Refinitiv CDP1 Solutions AA AA AA 4.1 84 3.8 56 83 B 85 3.5 53 81 83 81 47 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2019 2020 2021 2021 Scale from CCC to AAA Scale from 0 to 100 Scale fro
Slide 10: Fourth Quarter & Full Year 2021 Consolidated results
Fourth Quarter & Full Year 2021 Consolidated results Aurelio Bustilho CFO Américas
Slide 11: Financial highlights (US$ mn)
Financial highlights (US$ mn) EBITDA in line with target, Net Income impacted by higher financial expenses & extraordinary effects Q4 2020 Q4 2021 Δ% YoY FY 2020 FY 2021 Δ% YoY Quarter highlights Reported EBITDA 1,027 1,179 14.7% 3,253 4,102 26.1% EBITDA improvement due to better operational results
Slide 12: EBITDA breakdown: Q4 2021 results
EBITDA breakdown: Q4 2021 results Growth driven by EGPA consolidation and Gx operations EBITDA evolution by business line (US$ mn) EBITDA by country (US$ mn) 5% 3% +15% +21% 11% 141 (7) 24 15 1,246 1,179 46 1,027 (68) US$ 1,179 mn US$ 113 mn EBITDA from EGPA (+15% YoY) 51% 30% Q4 2020 Thermal Renewa
Slide 13: EBITDA breakdown: FY 2021 results
EBITDA breakdown: FY 2021 results Recovery across all businesses EBITDA evolution by business line (US$ mn) EBITDA by country (US$ mn) 4% 4% +26% +32% 13% 294 68 14 4,290 4,102 476 3,253 186 (188) US$ 4,102 mn US$ 148 mn (+26% YoY) 47% EBITDA US$ 374 mn from IFRIC 12 33% EBITDA from EGPA FY 2020 The
Slide 14: Generation business results
Generation business results EGPA, Brazil and Colombia led to significant EBITDA growth Q4 EBITDA evolution (US$ mn) FY EBITDA by country (US$ mn) +42% Consolidation of EGPA boosted results (US$ 113 mn) 8% 7% +13% 553 16% 440 +31% EBITDA growth in Brazil 29% 388 due to consolidation of EGP 1,965 Braz
Slide 15: EGP Américas results
EGP Américas results ~300 MW of add. capacity in Q4 2021 in Brazil Main operational KPIs Main financial KPIs Gross pipeline (GW) EBITDA breakdown CAPEX breakdown 3% ~56 14% Installed capacity 1.6 7% Q4 2021 2% 2.3 4.7 GW 47% US$ 113 mn 45% 26% US$ 0.5 bn ~31 0.8 77% 65% 8% 3% 4% 2% 1.0 ~25 11% Proje
Slide 16: Networks business results
Networks business results FY 2021 EBITDA recovery in Brazil, Colombia and Peru Q4 EBITDA evolution (US$ mn) FY EBITDA by country (US$ mn) -3% 1% Volume recovery in Argentina, 659 641 Colombia and Peru 10% 70 82 -3% EBITDA in Brazil on lower 25% 2,228 volumes, mainly in Sao Paulo (+14% YoY) 589 559 6
Slide 17: Net Income breakdown
Net Income breakdown Decrease mainly explained by higher financial costs, Argentina impairment, and higher taxes Net income evolution (US$ mn) 709 (288) 1,181 1,135 (234) 101 (57) (277) 825 741 356 394 Net Income FX One-offs1 EBITDA D&A2 Net financial Taxes Net Income FY 2020 result FY 2021 Group Ne
Slide 18: Cash flow (US$ mn)
Cash flow (US$ mn) Strong CAPEX investment to drive future growth 4,102 US$ 1,033 mn CAPEX (708) from EGPA (735) 2,374 (284) (2,971) (596) 1 2 3 4 EBITDA NWC Taxes paid Net financial FFO CAPEX FCF FY 2021 expenses FY 2020 3,253 (94) (553) (178) 2,428 (1,413) 1,015 Delta YoY +26.1% >100% +33.0% +59.8
Slide 19: Debt (US$ mn)
Debt (US$ mn) Stable net debt/EBITDA ratio despite the increase in debt Gross and net debt1 Net debt evolution Gross debt breakdown Dec. 21 +24% 972 631 22 5,870 8% (103) 14% BRL Currency 596 COP 7,401 (675) US$ 7,401 mn USD 1,531 55% 5,955 4,426 PEN 23% 1,529 Others4 5,870 4,426 1% 2% Dec. 20 Dec.
Slide 20: Financial position
Financial position Solid liquidity position to support our Strategic Plan Liquidity position Debt maturities (US$ bn) 3.3 1.5 Average maturity: 50% US$ 3.1 bn 50% 1.4 1.2 3.6 years 2022 2023 2024 After 2024 Available committed credit lines Maturities / Gross debt 19% 16% 20% Cash and cash equivalent
Slide 21: Closing remarks
Closing remarks Operational recovery Strong results at Affirming our Strong ability to across all EBITDA level, with a position as one of the develop, deliver and businesses relevant contribution best ESG players in execute new of EGPA, in line with the sector for Latam renewable capacity in committ
Slide 22: Annexes
Fourth Quarter & Full Year Annexes Américas
Slide 23: Regulation Update Q4 2021
Regulation Update Q4 2021 • On November 17, 2021, by means of Resolution 487, the ENRE instructed EDESUR to apply the new values reflecting the prices established by Resolution of the Energy Secretariat 1029/21 in the calculation of the amount of the subsidy provided by the National Government corre
Slide 24: Operating exhibits
Operating exhibits Net installed capacity and Total net production: Breakdown by source and geography Net installed capacity (MW) Large Hydro MW Wind Solar Oil-Gas CCGT Coal Total Hydro EGPA Argentina 1,328 0 0 0 1,169 1,922 0 4,419 Brazil 1,038 234 2,156 1,234 0 319 0 4,981 Colombia 3,097 0 0 86 18
Slide 25: Operating exhibits: Distribution companies
Operating exhibits Distribution companies Energy sold SAIDI SAIFI Energy Concession Next tariff Distributor Clients City, Country (GWh) (hours) (times) losses (%) area (km2) review Edesur 2,548,983 16,735 13.3 4.9 18.0% Buenos Aires, Argentina 3,309 2023 Enel Dx Rio 3,029,905 11,489 9.3 4.6 20.5% Ri
Slide 26: Financial exhibits
Financial exhibits Q4 2021 Q4 2020 D YoY FY 2021 FY 2020 D YoY Revenues 4,514 3,742 +21% 16,192 12,292 +32% Gross Margin 1,574 1,329 +18% 5,741 4,736 +21% OPEX -395 -302 +31% -1,639 -1,483 +10% Reported EBITDA 1,179 1,027 +15% 4,102 3,253 +26% D&A1 -478 -287 +66% -1,438 -1,100 +31% EBIT 701 740 -5%
Slide 27: Financial exhibits: EBITDA breakdown
Financial exhibits EBITDA breakdown EBITDA by country EBITDA by business line Q4 2021 FY 2021 Q4 2021 FY 2021 5% 3% 4% 4% 3% 2% 7% 11% 6% 12% 11% 13% 1,179 4,102 1,179 4,102 (+15% yoy) (+26% yoy) 47% (+15% yoy) (+26% yoy) 51% 33% 35% 30% 49% 33% 47% Thermal Brazil Colombia Peru Argentina C. America
Slide 28: Argentina (US$ mn) Quarter results
Argentina (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Revenues 50 60 19% 192 225 17% 242 285 18% OPEX -22 -23 6% -61 -75 23% -82 -98 20% Dock Sud EBITDA 26 33 27% 23 8 -65% 48 40 -17% 846 MW* Net Income 11 -65 -677% -22 -19 -17% -2 -
Slide 29: Argentina (US$ mn) Full year results
Argentina (US$ mn) Full year results Generation 1 Networks 1 Total 2 FY 2020 FY 2021 % FY 2020 FY 2021 % FY 2020 FY 2021 % Revenues 231 228 -1% 801 794 -1% 1,030 1,021 -1% OPEX -71 -76 6% -221 -243 10% -293 -320 9% Dock Sud EBITDA 140 135 -4% 50 23 -55% 186 153 -18% 846 MW* Net Income 48 -90 -288% -
Slide 30: Brazil (US$ mn) Quarter results
Brazil (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Revenues 664 811 22% 1,965 2,345 19% 2,565 3,079 20% Fortaleza 319 MW* OPEX -8 -22 183% -87 -154 77% -105 -189 80% EBITDA 131 171 31% 457 443 -3% 580 607 5% Enel Dx Ceará Net Income
Slide 31: Brazil (US$ mn) Full year results
Brazil (US$ mn) Full year results Generation 1 Networks 1 Total 2 FY 2020 FY 2021 % FY 2020 FY 2021 % FY 2020 FY 2021 % Revenues 1,106 2,551 131% 6,834 8,762 28% 7,680 11,011 43% Fortaleza 319 MW* OPEX -28 -83 202% -710 -756 6% -791 -902 14% EBITDA 297 562 89% 1,186 1,432 21% 1,438 1,948 36% Enel Dx
Slide 32: Colombia (US$ mn) Quarter results
Colombia (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Revenues 288 335 16% 413 448 9% 603 724 20% OPEX -22 -20 -7% -47 -36 -23% -69 -57 -18% Enel Codensa EBITDA 160 203 27% 129 142 10% 289 352 22% Emgesa Clients: 3.6 m 409 MW* Net Inc
Slide 33: Colombia (US$ mn) Full year results
Colombia (US$ mn) Full year results Generation 1 Networks 1 Total 2 FY 2020 FY 2021 % FY 2020 FY 2021 % FY 2020 FY 2021 % Revenues 1,159 1,266 9% 1,547 1,707 10% 2,338 2,611 12% OPEX -73 -70 -4% -154 -140 -9% -227 -212 -7% Enel Codensa EBITDA 673 787 17% 507 555 9% 1,180 1,352 15% Emgesa Clients: 3.
Slide 34: Peru (US$ mn) Quarter results
Peru (US$ mn) Quarter results Generation 1 Networks 1 Total 2 Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Q4 2020 Q4 2021 % Revenues 139 156 12% 232 226 -3% 332 339 2% Enel Gx Piura OPEX -19 -16 -18% -20 -16 -17% -39 -32 -19% 336 MW* EBITDA 72 92 28% 51 48 -5% 118 131 11% Net Income 35 43 25% 16 19 16% 47 5
Slide 35: Peru (US$ mn) Full year results
Peru (US$ mn) Full year results Generation 1 Networks 1 Total 2 FY 2020 FY 2021 % FY 2020 FY 2021 % FY 2020 FY 2021 % Revenues 505 573 13% 887 895 1% 1,244 1,317 6% Enel Gx Piura OPEX -71 -75 5% -74 -71 -3% -145 -143 -2% 336 MW* EBITDA 272 323 19% 214 219 2% 476 522 10% Net Income 161 165 3% 78 85 9
Slide 36: Central America (US$ mn) Quarter results
Central America (US$ mn) Quarter results Central America Q4 2020 Q4 2021 % Revenues - 88 - OPEX - -13 - EBITDA - 54 - Net Income - 34 - Gross Capex - 18 - Net Production - 632 - (GWh) Energy Sales - 833 - (GWh) Av. Spot Price - - - Hydro plant ($US/MWh) Solar plant Energy losses - - - (%) Customers
Slide 37: Central America (US$ mn) Full year results
Central America (US$ mn) Full year results Central America FY 2020 FY 2021 % Revenues - 233 - OPEX - -31 - EBITDA - 158 - Net Income - 95 - Gross Capex - 40 - Net Production - 2,106 - (GWh) Energy Sales - 2,637 - (GWh) Av. Spot Price - - - Hydro plant ($US/MWh) Solar plant Energy losses - - - (%) Cu
Slide 38: Financial exhibits: Liquidity and credit profile
Financial exhibits Liquidity and credit profile Liquidity (US$ m) Total Used Available Committed credit lines 1,553 6 1,547 Cash and cash equivalents 1 1,531 0 1,531 Total liquidity 3,084 6 3,078 Credit Profile S&P Fitch Moody's as of December 2021 LT international debt BBB- A- Baa2 LT local debt -
Slide 39: Corporate governance structure
Corporate governance structure Shareholders’ meeting Audit firm 43% BoD’s composition Board of Directors (7 members) 57% Executive Independent Functions: Directors Committee Audit committe Sustainability committe Related parties transactions 39
Slide 40: Board composition
Board composition Board of Directors Board of Directors’ diversity1 Borja Acha Besga Chair 43% 29% Francesca Gostinelli Director 14% Age Gender diversity 14% diversity Giulia Genuardi Director 29% 71% 41-50 51-60 Male Female José Antonio Vargas Director 61-70 over 70 14% 14% Directors’ Committee (C)
Slide 41: CEO's short-term variable remuneration
CEO’s short-term variable remuneration Type of Target Objective Weight Range Profit Net Income 25% Maximum 120% Economic Latin America FFO Financial 15% Maximum 120% Latin America Business Customer's operations 20% Maximum 120% Claims Business 20% Maximum 120% (Commercial operations) Safety Safety i
Slide 42: Disclaimer
Q4 2021 Consolidated results Disclaimer This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regardi
Slide 43: Thank you.
Q4 2021 Consolidated results Contact us Contacts Email - ir.enelamericas@enel.com Channels Website Mobile App www.enelamericas.com Enel Américas Investors Rafael de la Haza Head of Investor Relations Download App iOS Android Investor Relations team Jorge Velis Javiera Rubio Nicolás Gracia Francisco
Slide 44: Américas
Américas